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Terming it the "era of India", Larry Fink, Chairman and CEO of BlackRock, on Wednesday lauded the Narendra Modi government for digitising the rupee and transforming commerce across the country, saying he is worried that other nations, including the United States, are falling behind.
Speaking at an event in Mumbai, Fink asserted that India's growth story must be viewed over a long-term horizon rather than through short-term political or market developments. "When you think about how the Modi administration digitised the rupee and how it transformed commerce in India across the board, I am very worried about other countries. Even the United States is falling behind. We need to be digitised," Fink said. He was speaking at JioBlackRock event "Investing for a New Era" along with Reliance Chairman Mukesh Ambani. The JioBlackRock is a joint venture between Jio Financial Services (Reliance Group) and BlackRock, established to provide tech-enabled mutual funds and investment products in India. When asked about the US-India trade deal announcement, Fink said that while it could have some impact in the short term, it had little bearing over the long run. "Over 20 years, it had no bearing. Maybe over the next six months or a year, it had some significant bearing. But over time, the foundational issues of India make it good how it's able to leapfrog -- when you watch what has, over the last, I would say, since the era of the smartphone. And I think that's a pivotal point 2012 was. Think about your life before the smartphone here in India, but the beginning of the smartphone, the rollout of 5G, and how that transformed India in so many ways," Fink said Highlighting the broader impact of technology-led reforms, Fink said, "We need to be digitized. We need to be thinking about how this all plays out. I think this is, this is part of the democratisation of India, and it's so now India is a leader in this." "When you think about the growth of India, it's not a quarter, it's not a day or week, it's not a year. It's over a long horizon," he said. He said India's ability to adopt and deploy technology at scale gives him strong optimism about the country's future. "I can cite many things that give me optimism, but the fundamental opportunity is, is the huge intellectualism of India to transform what technology, whether the technology was created in the US or somewhere else in the world," he said. "The dispersion of that technology in India is really what is so inspiring, and the utilisation of the new technology for more and more people, and how that transforms commerce, consumption, information, education, all of that is ripe for real, solid growth," Fink added Highlighting what he described as the "era of India" over the next two decades, Fink stressed the need to bring more Indians into the capital markets. "If you believe in the era of India, we need to get more people investing alongside the growth of the country," he said, adding that participation through capital markets helps families grow with the economy. (ANI)
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